Maintain objectivity: Start every merger evaluation with the mindset that it does not fit, so that you must be convinced to say yes. This ensures you won’t allow the perceived benefits of a merger to cloud your decision-making.

When evaluating a merger consider creating two evaluation teams, one for the merger and one against it. Have them “pitch” to you concurrently and debrief afterward.

Culture matters: A critical success factor is to correctly assess the culture of the target.

Secure introductions to employees who aren’t involved in the merger discussions

Walk the halls and meet the people of the organization

Role of the board: The board’s role is that of objective decision maker. Boards require timely information in order to make well-informed decisions.

Results-based compensation: Evaluate how parties are compensated. Management often gets merger bonuses, investment bankers and consultants are compensated based on successful mergers. When everyone has a vested interest in a merger going through, are you receiving objective information? Consider modifying compensation structure.

Compensate management based on multi-year results vs. plan rather than up front bonuses.

Are there penalties for bad decisions?

Designate an implementation champion: An implementation plan is only as effective as its champion. Don’t leave the implementation to each of the various departments to oversee – ensure a successful implementation by designating one point person to champion the implementation and report back to the board.